Wednesday, May 21, 2008

Don't Ignore Your Best Performers

Sometimes CEOs are so busy trying to keep their business alive that they forget the people that got them there. Don't ignore your stars. If you ignore them and assume that they will just keep on giving above and beyond for too long, they will go elsewhere just to be appreciated. And, they'll even take less money for it.

Every business owner out there has experienced this scenario: an employee with key knowledge walks into your office and says, "I love you and I love working for you, but I have an offer I just can't refuse." Most of the time, the CEO finds extra money or whatever is necessary to keep the employee. My suggestion is to be proactive about keeping key people in the first place.

Pay increases and performance bonuses are more than extra money to an employee. It's your way of saying, "You are valuable around here and I appreciate you." Try giving that key employee 1/4th of the money you would have to give them in the "I'm quitting" scenario. See what kind of loyalty and morale you build then.

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